He told ABC television that “the Treasury Department’s current estimate is that inflation will linger longer than we projected.”
According to the Australian finance minister, inflation will reach a yearly high of 7.75% in December.
The ministry projects that government spending on social security benefits, including pensions, will be roughly $20.8 billion higher than expected as a result of inflation.
Forecasts for Australia’s economic growth are also thought to be negatively impacted by the flooding that occurred there last week.
source: abc.net.au
